Julius Baer declared that their crypto services would be accessed and utilized globally.
The third major bank in Switzerland collaborated with SEBA Crypto to make use of top-tier procedures to store digital files. With the bank’s collaboration with SEBA, they will be able to provide their consumers with a wide array of digital services, transactions, and digital management solutions.
The partnership is an instance in which larger scale businesses try to merge their crypto databases policies. Aside from Julius Baer, Falcon Private Bank confirmed that the crypto databases could aid their customers in their crypto transactions. Another example is when two large banks, Mizuho and JPMorgan, declared that cryptocurrencies would be released digitally for payments and remittances transactions.
According to the Head Markets of Julius Baer, Peter Gerlach, their team was persuaded by the possible effects of digitalizing assets in the long run. Moreover, it will help them establish a name that they can be one of the most credible asset class to be added in their stockholder’s portfolio. Gerlach also said that the bank’s collaboration with SEBA is proof of their investments in digital spaces and a way of showing that their services can benefit their customers.
The statement of Julius’ partnership with SEBA made it possible for the latter to gain attention. SEBA, established by two past executives of UBS, had their raise of $103M to fund their crypto bank. When SEBA was built, the founders said that they would give the best services in terms of cryptocurrency exchanges and other financial transactions to corporations with the same structure as Julius’. SEBA intends to emphasize ICO consultation.
SEBA’s CEO, Guido Buehler, stated that they are pleased that Julius Baer invests in them. The crypto database of Julius Baer will be secured and accessible, as promised by SEBA. This collaboration will be an advantage to their customers.
The partnership is still waiting for FINMA, Switzerland’s principal regulator, to approve their banking licenses. Once the approval is released, they can immediately start teaming up.
As stated by Buehler, SEBA is trying to pave the way for modern banking using cryptocurrency.
Julius’ way of delving into the cryptocurrency industry proved the assumptions last year about their curiosity regarding cryptocurrencies. There was a drop in 2018, and this enabled investors to become wary of investing in top financial market players. With Julius Baer, Fidelity, Bakkt, and Nasdaq entering the sector, the purchasing transactions can be changed.
As of now, financing the cryptocurrency market can get up to $130.45 B.